65 Miriam Dr

Florence, KY 41042

$275,000F

4 bd · 2.0 ba · 864 sqft · Built 1962 · SingleFamily · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,057/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-29/mo
• Annual: $-347/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• 1% rule: 0.75%
• Cash to close: $77,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-29 ($-347/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (25.2% below list).
• It's been on market 114 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (25.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#82 in KY, #2,763 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-.
• Boone County (suburban): math 43% / reading 49% proficiency, ranked #12 of 165 in KY (top 7%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Florence Elementary School (math 24% / reading 33%, grade F, #427 of 676 statewide, top 63%, 566 students, 63% FRL); Rector A. Jones Middle School (math 11% / reading 29%, grade F, #206 of 217 statewide, top 95%, 679 students, 74% FRL); Boone County High School (math 21% / reading 32%, grade F, #174 of 254 statewide, top 69%, 1,279 students, 53% FRL) — zoned schools average 63% FRL vs 30% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 46% district-wide (-21 pts) — the specific schools serving this property underperform the Boone County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.4%/yr); 269 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,430 units permitted in Boone County in 2024 (928 in 5+ unit buildings).
• Boone County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 10 sale attempts since 31y ago; this cycle's ask is 12721% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $109k; list at $275k implies a 152% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 3.4% in Florence — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 31% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.